$133m Invested in 5 Steel Projects in Iran

The Ministry of Industries, Mining and Trade launched five steel projects with a total investment of 21.39 trillion rials ($133 million) during the 11 months to Feb. 19.
Two of the projects became operational in Isfahan Province while the rest went on stream in the provinces of Lorestan, Fars and Khuzestan, IRNA cited the Industries Ministry's data.
The new projects are related to the production of pipes and profiles, steel sheets, direct-reduced iron and steel ingots, which created a total of 1,000 jobs.
Pars Steel Factory, located in Haft Tappeh, Khuzestan Province, is one of the five projects. It has the capacity to produce 100,000 tons of steel ingots per year in its first development phase. It became operational with an investment of €5 million sourced from the National Development Fund of Iran, the country's sovereign wealth fund, in addition to 245.1 billion rials ($1.53 million).